Michelin & Enviro tie up to deploy technology for recycling used tires
Category: #business  By Saipriya Iyer  Date: 2020-04-20
  • share
  • Twitter
  • Facebook
  • LinkedIn
Michelin & Enviro tie up to deploy technology for recycling used tires

Michelin, a French multinational tire manufacturer, has reportedly inked a deal with Swedish start-up Enviro to deploy pyrolysis technology on a larger scale for recycling used tires at the end of their life.

Sources cite that the company intends to procure a 20% stake in Enviro for SEK32.5m (£2.6m), making it the biggest stakeholder in the company. The terms of the agreement claim that the companies plan to develop a factory for industrializing pyrolysis technology. The plant location will be announced at a later date.

The investment and partnership represent a major endorsement for Enviro’s pyrolysis technology. This technology requires less energy than conventional incineration-based tire recycling methods and produces high-quality products such as oil, carbon bank, and steel. The technology has enabled the company to recycle waste tires into useful raw materials.

According to sources, Michelin will boost the progress in tire recycling by leveraging the know-how of two companies. Michelin will contribute to the plant's construction project with its industrial know-how, while Enviro will bring its pyrolysis technology to produce high-quality products. Michelin will also bring its research & development and production capabilities to accelerate tire recycling.

Currently, both the companies are in deep discussions. The final deal is anticipated to be closed this year.

The partnership marks a vital milestone for Michelin as it has been pursuing sustainability for a long time, robustly enforcing sustainability principles throughout its value chain.

Sonia Artinian-Fredou, who is the Business Director for High Technology Materials at Services and Solutions department said that this move was in line with the company’s sustainability vision. After the procurement of Lehigh Technologies in the year 2017, a specialty Materials Company that manufactures micronized powders from recycled tires, this acquisition is yet another evidence of Michelin's long-term commitment towards sustainability.

For the record, Michelin manufactured around 200 million tires in the year 2019.

Source Credit - https://www.businessgreen.com/news/4014075/michelin-partners-sweden-enviro-transform-tyres-raw-materials

  • share
  • Twitter
  • Facebook
  • LinkedIn

About Author

Saipriya Iyer

Saipriya Iyer    

Saipriya Iyer currently works as a content developer for GroundAlerts. A computer engineer by profession, she ventured into the field of writing for the love of playing with words. Having had previous experience of 3 years under her belt, she has dabbled with website ...

Read More >>

More News By Saipriya Iyer

iKure Techsoft looking to raise USD 5 million in Series A funding round
iKure Techsoft looking to raise USD 5 million in Series A funding round
By Saipriya Iyer

Ratan Tata funded iKure Techsoft, a technology-driven healthcare services startup, is reportedly planning to raise capital for expanding its presence in home grounds and beyond borders while strengthening its technology solutions. Sources with knowl...

Apple to launch self-driving cars with new battery technology in 2024
Apple to launch self-driving cars with new battery technology in 2024
By Saipriya Iyer

American multinational technology company, Apple Inc., has reportedly made advances in its self-driving car technology project and is planning on initiating the production by the year 2024. Although the tech giant has never publicly acknowledged thi...

Eurofins Technologies launches new product line for allergen detection
Eurofins Technologies launches new product line for allergen detection
By Saipriya Iyer

Leading distributor of test kits and systems for laboratory research, Eurofins Technologies, has reportedly introduced SENSIStrip Allergen, a new lateral flow device product line for detecting allergen in packaged food products. For those uninitiate...